Know your limit

[DeathAngel]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

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[coinerer]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

No one will ever take the financial responsibility of someone else be it a friend or your brother. So always think about any investment or expenses according to your ability.  If he thinks more than his ability, he will never be successful.  The opposite will be in danger. I must think about my ability before doing anything and I will not accept anyone else's advice or decision blindly

[Davidvictorson]

This is a very sad story and I think not your friend needs to be more and speak more or seek counsel more from people in the Bitcoin community. If he had done this he wouldn't be in the mess he is at the moment. The dollar cost averaging strategy is one of the best strategies with which any newbie can easily without any stress on their finances get into Bitcoin.I just wonder why a lot of newbies ignore this strategy and instead jump into investing in Bitcoin with borrowed money which in the long run makes them lose their peace of mind.

[Falconer]

Investing needs not to be rushed but it takes a good plan before you will start doing it. And when you do, it’s best to invest at a spare money or from your own savings that you can manage to lose, not from a loan amount or money that is reserved to pay the bills. Because we all know that bitcoin investing is for long term, so we should not expect quick profits from it, the reason why we should only invest with extra money that we are not going to use. However, your friend still insist on his own timeline and his own way of investing. Whatever the consequences, he should bear them all responsibly. And you are not obliged to help him at all times, especially if it’s already crossing your limits.

It's not true that when someone expects quick returns on bitcoin investment, they won't get rich overnight unless they have tens of millions to invest. And it is true that it is highly discouraged to invest with hot money I mean unless they are doing it on a specific budget some kind of savings.

In the short term they are just traders, but in the long term they are investors. I think long term options would be better than day trading for those who are not familiar with how the market works. The best option is to buy and hold and profit from it in the long term instead of keeping money in the bank or something like that.

[Kasabus]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

He needs investment advice and that is your responsibility now. But based on his statement, doubted if he would listen to you. What I can see is that he already got an influence on what he sees on the internet bringing them a huge interest in putting his money into an investment that he is not really familiar with and does not even have experience with. Yes, that is already greediness and we know what is the possible outcome of such an idea, losing. If he won't listen, that was his decision and I believe you have done with your part already.

Greed is the most common reason why such people fail from their investments because they cannot focus on setting plans and actions for the investment to succeed, but rather they resort in thinking that it can make them rich quickly so they should put a huge amount to gain huge returns too, which I think won’t be possible if they don’t know well their investments in the first place. With this, your friend has clearly believe on crypto as a get-quick-rich scheme that’s why his actions are all based on greed and the desire to be fully profitable in the end.

[Hyphen(-)]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Yes, but it appears that your friend did not have enough knowledge about Crypto investment and lacked proper guidance, which is why he did all of this thinking Bitcoin investment is a quick money scheme, similar to how Ponzi schemes scam people.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

It is always advisable here in the forum that " You should not invest the money you can not afford to lose" therefore, borrowed money is a money no wan can afford losing therefore using the money for Bitcoin investment is a wrong idea because the risk is too high.

[rojan]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

No one will ever take the financial responsibility of someone else be it a friend or your brother. So always think about any investment or expenses according to your ability.  If he thinks more than his ability, he will never be successful.  The opposite will be in danger. I must think about my ability before doing anything and I will not accept anyone else's advice or decision blindly

Yes, I also think that before we invest, we should think our own thoughts and then invest. And if we don't do that, we have a big chance of losing money. But I have found that if we start trading on our own in the first place, we will make some money first.  If you lose, you can learn a lot from it later and there is no chance to lose any more money.

[BitcoinPanther]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

But still the guys is @OP's friend and probably a close one, so he can't just turn a blind eye on that person.  Besides, it is lending money and not giving money.  It means the money he gave to his friend will be returned one day.  Helping a friend in need when we have extra is a good feat.  Besides saying that our income or fund is more than enough means, it won't affect us financially even after giving the amount of money our friend needed.

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

To people who are not close to you, yes, but probably to your siblings or parents, I am sure you wont turn a blind eye on them.

[Viscore]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

The problem is your friend do not realized all of these, instead he invest everything he got and now he’s starting to suffer the consequences of his decision, and it seems he wants to obliged you in helping him out from this picture. I don’t want to say go on and help him because he needs you now, but instead help him realize his mistakes and eventually learn from it. Then he can understand you if you leave him solve his own problem if that’s the only way he will learn.

[Ziskinberg]

Greed is the most common reason why such people fail from their investments because they cannot focus on setting plans and actions for the investment to succeed, but rather they resort in thinking that it can make them rich quickly so they should put a huge amount to gain huge returns too, which I think won’t be possible if they don’t know well their investments in the first place. With this, your friend has clearly believe on crypto as a get-quick-rich scheme that’s why his actions are all based on greed and the desire to be fully profitable in the end.

Well, in that case, his friend will only not lose his money but might also lose their trust in each other. He was supposed to listen to what OP said to him for he has experience in the market but if he pushed his decision to put all of his money into his investment, I couldn't think if OP has any interest in helping him anymore. I'd see his confidence in crypto but having such a decision is not advisable and too risky.

[Wakate]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

since his friend chose to follow that part then he need to be prepared to bear the risk and consequences attached to his decision. Of his decision had went in the positive direction, he would have remind his friend and thank God that he ever followed his advise. Such is life and we should always prepared to learn from other people's mistake, not to wait till it happens to us.
Investing is good but when we do it in the wrong way then we might not make the right choice. We need to ask questions before doing anything or we might regret our decisions.

[coinerer]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

No one will ever take the financial responsibility of someone else be it a friend or your brother. So always think about any investment or expenses according to your ability.  If he thinks more than his ability, he will never be successful.  The opposite will be in danger. I must think about my ability before doing anything and I will not accept anyone else's advice or decision blindly

Yes, I also think that before we invest, we should think our own thoughts and then invest. And if we don't do that, we have a big chance of losing money. But I have found that if we start trading on our own in the first place, we will make some money first.  If you lose, you can learn a lot from it later and there is no chance to lose any more money.

I somewhat agree with you that if you invest somewhere and lose, you can learn something good and realize what you did wrong and become an expert yourself, but if you depend on others, it will only make you a temporary mine. but you can't learn from here and all the time you'll be another's exile. So always keep in mind that my motivation should not be how much someone else has invested but how much I can invest should be my motivation.

[nullama]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

Yeah, getting into debt to buy assets is not really the best way of doing it.

Debt should be avoided at all costs, because whoever you have that debt with, controls you.

With Bitcoin, you're free. There are no masters. It's something so new that many people don't get it.

[leonair]

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

No one will ever take the financial responsibility of someone else be it a friend or your brother. So always think about any investment or expenses according to your ability.  If he thinks more than his ability, he will never be successful.  The opposite will be in danger. I must think about my ability before doing anything and I will not accept anyone else's advice or decision blindly

Yes, I also think that before we invest, we should think our own thoughts and then invest. And if we don't do that, we have a big chance of losing money. But I have found that if we start trading on our own in the first place, we will make some money first.  If you lose, you can learn a lot from it later and there is no chance to lose any more money.

I somewhat agree with you that if you invest somewhere and lose, you can learn something good and realize what you did wrong and become an expert yourself, but if you depend on others, it will only make you a temporary mine. but you can't learn from here and all the time you'll be another's exile. So always keep in mind that my motivation should not be how much someone else has invested but how much I can invest should be my motivation.

Mistakes will never teach you anything new if you don't try to find them. You must be passionate about learning something new or becoming an expert on something. a lot can be learned from being dependent on others and from advice from others, but in that case, after getting someone's advice, you need to do a good research on why he gave that advice. but don't waste time researching advice that you don't have the ability to implement. always focus more on things that you can implement or succeed in. that is the point

[D ltr]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

a very big mistake for this if investing by making a loan. because as we know bitcoin is not an investment that can make you rich in 1 month if market conditions are not friendly, if people benefit from investing in bitcoin they have been hoarding it for a long time, right just made a purchase when bitcoin is in hype
I can't stop thinking about your friend's behavior

[Adbitco]

Anyone who invested with all his savings is just like playing a game of probability, is either you gain or you lose. And family pressure may not give you that opportunity to freely invest all your live savings or indulging scheme where you would want to borrow money for investment.

I would say it's a kind of gambling. You really don't have to invest all your savings on something. No matter how strong the project is or how confident you are. Invest on internet if you can afford to lose. Bitcoin will give you a good return in a long time period. I really believe that. But, you have to wait for a good time. I won't suggest anyone to invest somewhere by taking loan.

Exactly, people fails to understand this aspect of the principle, coupled with investing on altcoin thinking they are expanding their portfolio. Although it's good not to put all eggs in one basket because you never can tell what would happen next after investment. Apart from bitcoin, I would rather borrowed money to invest in real life properties such as; Land, Housing and partnering with some famous company ect.

[BTCBroker2016]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

I know that he is your friend, but you have to set limits as well. I don't know if your friend knows the old adage in bitcoin invest,

"Invest what you can afford to lose".

If not then you have to remind him that. But if you want to stick with him, it's up to you, but you should advise him on what to do and not just rely on your good deeds as a friend, just saying.

These words are the best. Some people do not understand risk following after little possibility of success

[summonerrk]

Anyone who invested with all his savings is just like playing a game of probability, is either you gain or you lose. And family pressure may not give you that opportunity to freely invest all your live savings or indulging scheme where you would want to borrow money for investment.

I would say it's a kind of gambling. You really don't have to invest all your savings on something. No matter how strong the project is or how confident you are. Invest on internet if you can afford to lose. Bitcoin will give you a good return in a long time period. I really believe that. But, you have to wait for a good time. I won't suggest anyone to invest somewhere by taking loan.

Exactly, people fails to understand this aspect of the principle, coupled with investing on altcoin thinking they are expanding their portfolio. Although it's good not to put all eggs in one basket because you never can tell what would happen next after investment. Apart from bitcoin, I would rather borrowed money to invest in real life properties such as; Land, Housing and partnering with some famous company ect.

Before the economic crisis of 2007-2008, real estate was a profitable investment, a 100% success option. Now, if we consider portfolio diversification, then I would think well, consider it as one of the points of deposit distribution. Altcoins are a good solution for diversification. The fact is that altcoins are a great variety, and you should invest only in proven ones. Since new altcoins in the majority are a huge risk of stumbling upon deception. In addition to diversification through a variety of coins, I would consider diversification through earning methods - PoS, DeFi, etc.

[crunck]

Anyone who invested with all his savings is just like playing a game of probability, is either you gain or you lose. And family pressure may not give you that opportunity to freely invest all your live savings or indulging scheme where you would want to borrow money for investment.

I would say it's a kind of gambling. You really don't have to invest all your savings on something. No matter how strong the project is or how confident you are. Invest on internet if you can afford to lose. Bitcoin will give you a good return in a long time period. I really believe that. But, you have to wait for a good time. I won't suggest anyone to invest somewhere by taking loan.

Exactly, people fails to understand this aspect of the principle, coupled with investing on altcoin thinking they are expanding their portfolio. Although it's good not to put all eggs in one basket because you never can tell what would happen next after investment. Apart from bitcoin, I would rather borrowed money to invest in real life properties such as; Land, Housing and partnering with some famous company ect.

Before the economic crisis of 2007-2008, real estate was a profitable investment, a 100% success option. Now, if we consider portfolio diversification, then I would think well, consider it as one of the points of deposit distribution. Altcoins are a good solution for diversification. The fact is that altcoins are a great variety, and you should invest only in proven ones. Since new altcoins in the majority are a huge risk of stumbling upon deception. In addition to diversification through a variety of coins, I would consider diversification through earning methods - PoS, DeFi, etc.

Who told you that investing in altcoins is diversification? Diversification means investing in assets other than cryptocurrencies because the entire crypto market depends only on bitcoin, assuming bitcoin disappears, no altcoins can exist. So investing in altcoins is not called diversification. Invest in gold, real estate...

[yudi09]

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

The economic system prioritizes good management, including investing. Investment is a good step in organizing future finances.
I think you need to explain to him that this is not the style of investing. Even a small amount invested gradually is better than forcing yourself to ask others for loans.

It is not okay to take all the money to invest in Bitcoin as long as there are other savings to cover the daily needs of the family for those who already have children and wife. But as long as that is not fulfilled, then it is better for your friend not to force himself to do it because the market is very volatile.